Oaktree Capital Buys Ally Financial, Priceline, salesforce.com

Oaktree Capital Buys Ally Financial, Priceline, salesforce.com

Howard Marks‘ Oaktree Capital Management disclosed that its ‘equity portfolio’ (securities required to be filed with the SEC, to be more precise) has a market value of approximately $5.74 billion for the second-quarter based on its 13F filing with the Securities and Exchange Commission (SEC).

Howard Marks is the chairman of Oaktree Capital Management, which specializes in less efficient markets and alternative investments. The investment management firm said its total assets under management (AUM) reached an all-time high to around $91.1 billion by the end of the quarter.

Seth Klarman’s 2021 Letter: Baupost’s “Never-Ending” Hunt For Information

Baupost's investment process involves "never-ending" gleaning of facts to help support investment ideas Seth Klarman writes in his end-of-year letter to investors. In the letter, a copy of which ValueWalk has been able to review, the value investor describes the Baupost Group's process to identify ideas and answer the most critical questions about its potential Read More

During the second quarter, Oaktree Capital Management initiated a position across 20 companies and increased its stake in 50 equities. The investment management firm reduced its interest in 41 stocks and sold all of its shares in 22 stocks.

Oaktree Capital’s top five new stockholdings

The five largest new stockholdings of Oaktree Capital Management include Ally Financial Inc (NYSE:ALLY), Priceline Group Inc (NASDAQ:PCLN), salesforce.com, inc. (NYSE:CRM), Molina Healthcare, Inc. (NYSE:MOH) and Concur Technologies, Inc. (NASDAQ:CNQR).

During the quarter, Oaktree Capital Management purchased 7,993,230 shares of Ally Financial Inc (NYSE:ALLY). Its stake in the company has a market value of around $191.11 million.

Last month, Ally Financial reported quarterly financial results due to the rise of its top line, decline in provision for loan losses and lower controllable expenses. The company posted a net income of $323 million or $0.54 per share for the second quarter. During the year-ago quarter, the company recorded a loss of $927 million or $2.73 per share.  Its total net revenue increased 17.7% to $1.28 billion.

Oaktree Capital Management acquired 85,090,000 shares (PRN) of Price Group Inc (NASDAQ:PCLN) worth approximately $101.41 million.

The online travel reservations company recently reported a 36% increase in gross profit to $1.9 billion for the second quarter. Priceline’s non-GAAP net income of $12.51 per share beat the $12 per share consensus estimate of Wall Street analysts. The shares of the company are trading around $1,304.60 per share at the time of this writing, around 12:52 in the afternoon in New York.

The investment management firm purchased 83,205,000 shares (PRN) of salesforce.com, inc. (NYSE:CRM) and 68,495,000 shares (PRN) of Molina Healthcare, Inc. (NYSE:MOH). Its stakes in the companies are worth more than $95.4 million and $85.87 million respectively.

Oaktree Capital Management bought 60,390,000 shares (PRN) of Concur Technologies, Inc. (NASDAQ:CNQR) worth approximately $67.83 million.

Increased positions

During the quarter, Oaktree Capital Management increased its stake in Hologic, Inc. (NASDAQ:HLX) by 206% or 76,805,000 shares bringing its stockholding in the company to total of 114,059,000 shares. Its stake in the company has a market value of around $128.5 million.

Oaktree Capital Management bought additional 32,740,000 shares (PRN) of Cobalt International Energy, Inc. (NYSE:CIE). Its total stake in the company is now 107.5 million with a market value of approximately $115.45 million.

The investment management firm also purchased additional 6,755,000 shares (PRN) of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) to total of 94,050,000 shares worth around $98.72 million.

Oaktree Capital Management also boosted its stake in Lam Research Corporation (NASDAQ:LRCX) by 11,535,000 shares (PRN) bringing its stockholding to total of 76,165,000 shares worth around $95.26 million.

Updated on

No posts to display